AUSTRALIA - Murray Goulburn Co-operative Co. Limited (MG) today announced a step-up in milk prices by the equivalent of $0.15 per kilogram milk solids (kgms).
MG’s Interim Chief Executive Officer David Mallinson said: “Market conditions remain volatile however we have been able to capture enough of the current uplift to pass on both a step-up and modest increase in full year forecast to suppliers today.
“Whilst international dairy markets have improved recently, they remain below historical average levels. Recent signs of recovery have come as global milk supply slows year-on-year. However, commodity prices and the strength of the Australian dollar remain a source of risk to current full year forecast.
“MG remains determined to deliver higher returns to its supplier shareholders through operational excellence and innovation. We have recently announced significant headcount reductions within the business and continue to review all other costs to support this objective.”
TheCattleSite News Desk